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Financing: Capital Advance - bears no interest. Repayment not required as long as the housing remains available for very-low income elderly persons for 40 yrs
Financial Commitment: 0.5% of Capital Advance not to exceed $10,000.
Development Methods: Construction, rehabilitation, acquisition from RTC/FDIC
Eligible applicants: Nonprofits and consumer cooperatives
Types of Housing: Apartments: Efficiencies or 1-bedrooms.
Eligible Occupants: Very low income, at least 62 years old
Supportive Services Costs: Up to $15/unit/month is eligible expense from project rental assistance. Projects mainly serving frail elderly are eligible for Service Coordinator funds.
Supportive Services Plan: Detailed description of Supportive Services to be provided.
Rating Factors
Rating Factor 1: Capacity; Experience in housing. Experience in minority housing
Rating Factor 2: Need/Extent of Problem; Housing market conditions, Analysis of Impediments to Fair Housing,
Rating Factor 3: Soundness; Proximity to shopping, medical facilities, transportation, etc. Site standards, utilities, etc. Environmental problems. Furthering Fair Housing. Meeting physical needs of elderly. Accommodating Supportive Services. Long-term Supportive Services.
Rating Factor 4: Leveraging; Local government support; including financial, land, services, etc. Experience in local community, fund raising, etc
Rating Factor 5: Comprehensiveness & Coordination; Participation in Consolidated Planning process. Involvement of elderly persons. Coordination with other organizations. Linkages to other programs.
How to Score High:
Demonstrated housing experience or partnering with other organizations
Participation on Consolidated Planning Committees
Line up supportive services from other organizations
Have solid, comprehensive supportive services plan
Research demographics for special needs housing availability
Modest physical design
Site control & zoning
No environmental problems
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